地区 品种 最新 日变化 周变化 折盘面 最新 日变化 周变化 进口利润 106.05 1.25 0.75 纽曼粉 792 1 0 847.7 101.90 0.15 1.20 -17.08 PB粉 795 1 0 843.7 107.05 0.60 1.40 -16.88 麦克粉 786 -1 0 858.5 100.90 0.85 1.15 8.77 金布巴 748 1 2 840.9 95.40 0.55 0.85 5.89 主流 混合粉 730 0 2 859.2 97.25 0.70 0.90 -21.37 超特粉 679 6 1 893.7 93.05 0.70 0.85 -30.63 卡粉 889 4 -3 833.9 118.15 0.80 1.95 -13.44 巴西 巴混 835 0 3 851.4 109.25 0.60 0.95 3.12 主流 巴粗IOC6 772 1 0 846.9 巴粗SSFG 777 1 0 乌克兰精粉 875 -4 -12 968.9 61%印粉 737 1 2 卡拉拉精粉 877 -4 -12 897.3 罗伊山粉 782 1 0 860.7 100.55 ...

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地区 品种 最新 日变化 周变化 折盘面 最新 日变化 周变化 进口利润 104.75 -0.35 1.15 纽曼粉 787 -2 7 842.2 100.30 0.10 1.40 -11.31 PB粉 790 -2 7 838.2 105.30 0.10 1.55 -10.56 麦克粉 783 -1 10 855.2 99.45 0.20 1.20 15.11 金布巴 743 0 9 835.5 93.95 0.05 0.80 10.38 主流 混合粉 726 -1 4 854.9 95.95 0.10 1.20 -17.07 超特粉 670 -5 0 883.8 91.75 0.15 1.30 -31.41 卡粉 883 -2 1 827.3 116.70 0.10 2.10 -10.37 巴西 巴混 831 0 11 847.1 108.20 0.20 1.40 5.30 主流 巴粗IOC6 767 -2 -16 841.4 巴粗SSFG 772 -2 -16 乌克兰精粉 875 -1 0 964.4 61%印粉 732 0 9 卡拉拉精粉 877 -1 0 897.3 罗伊山粉 777 -2 7 85 ...

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号： F03105325 投资咨询证号： Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 钢矿周报（11.17-11.21） CONTENTS 目 录 一周数据变化 | 项目 | 上期数据 | 本期数据 | 涨跌 | | --- | --- | --- | --- | | PB粉价格（元/湿吨） | 783 | 790 | 7 | | 巴混粉价格（元/湿吨） | 820 | 831 | 11 | | PB粉现货落地利润（元/湿吨） | -5.41 | -12.08 | -6.67 | | 巴混粉现货落地利润（元/湿吨） | 18.38 | 21.87 | 3.49 | | 澳大利亚往中国发货量（万吨） | 1454.2 | 1812.1 | 357.9 | | 巴西发货量（万吨） | 725.7 | 847.9 | 122.2 | ...

Report Summary - Report Date: November 20, 2025 - Report Type: Iron Ore Daily Report 1. Futures and Spot Market Data - **Futures Prices**: DCE01 closed at 788.5, down 3.0 from yesterday; DCE05 at 753.0, down 2.0; DCE09 at 728.0, down 2.0 [2] - **Spot Prices**: PB powder (60.8%) remained unchanged at 790; Newman powder dropped 2 to 790; Macarthur powder dropped 2 to 786; etc [2] - **Base Prices**: The optimal delivery product is Carajás fines, with 01 factory - warehouse basis at 46, 05 at 82, and 09 at 107 [2] - **Price Spreads**: Carajás fines - PB powder spread decreased 5 to 94; Newman powder - Jinbuba powder spread decreased 2 to 44; etc [2] - **Import Profits**: Carajás fines' import profit decreased 13 to 3; Newman powder's decreased 1 to 18; etc [2] - **Platts Index**: Platts 62% iron ore price dropped 0.1 to 105.1; Platts 65% dropped 0.1 to 117.1; Platts 58% dropped 0.1 to 93.9 [2] - **Domestic - Foreign Dollar Spreads**: SGX main - DCE01 spread decreased 1.0 to 2.2; SGX main - DCE05 spread decreased 0.7 to 6.8; SGX main - DCE09 spread decreased 0.5 to 10.0 [2] 2. Graphical Data - **Base Price Graphs**: There are graphs showing the basis between the optimal delivery product and 01, 05, 09 contracts over time [8][11] - **Import Profit Graphs**: Graphs display the import profits of PB powder, PB lump, Super Special powder, Carajás fines over the years [13][20] - **Price Spread Graphs**: Graphs show the price spreads of PB lump - PB powder, Carajás fines - PB powder, and iron ore domestic - foreign dollar spreads [24][28] - **Profit - Spread Relationship Graph**: A graph shows the relationship between steel mill cash profits and high - medium - low grade price spreads [28]

【现货】 截至11月19日收盘，主流矿粉现货价格：日照港（600017）PB粉+0元/吨至795元/吨，卡粉+0元至892.0 元/吨。 【期货】 以收盘价统计，铁矿主力合约-0.5（-0.06%），收于791.5元/吨，铁矿远月2605合约-2.5(-0.33%)收于 755，1-5价差走强至36.5，SGX铁矿掉期价格+0.20美元/吨（+0.19%）至104.45美元/吨。 【基差】 截至11月19日，日均铁水产量236.88万吨/日，环比+2.66万吨/日；高炉开工率82.81%，环比-0.32%；高 炉炼铁产能利用率88.8%，环比+0.99%；钢厂盈利率38.96%，环比-0.87%；进口矿日耗292.63万吨/日， 环比3.93万吨/日。 【供给】 截至11月19日，上周全球发运环比上升，到港量下降。全球发运3516.4万吨，周环比+477.4万吨。47港 口到港量2268.9万吨，周环比-472.3万吨。全国9月进口量11632.6万吨，月环比+110.1万吨。 【库存】 截至11月19日，港口库存小幅去库，日均疏港量环比回升，钢厂进口矿库存环比上升。45港库存 15114.45万吨，环比-1 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - No clear core viewpoints are presented in the provided content Group 3: Summary by Related Catalogs Spot Market - Newman powder: price 792, daily change 0, weekly change 11, converted to the disk 847.7, import profit -7.70 [1] - PB powder: price 795, daily change 0, weekly change 11, converted to the disk 843.7, import profit -6.48 [1] - Mac powder: price 786, daily change 0, weekly change 8, converted to the disk 858.5, import profit 17.50 [1] - Jinbuba powder: price 746, daily change 0, weekly change 11, converted to the disk 838.8, import profit 11.22 [1] - Mainstream mixed powder: price 728, daily change 0, weekly change -5, converted to the disk 857.0, import profit -16.09 [1] - Super special powder: price 678, daily change 0, weekly change 1, converted to the disk 892.6, import profit -24.44 [1] - Carajás powder: price 885, daily change -7, weekly change 1, converted to the disk 829.5, import profit -9.57 [1] - Brazilian mixed powder: price 834, daily change 2, weekly change 15, converted to the disk 850.3, import profit 9.28 [1] - Brazilian coarse IOC6: price 772, daily change 0, weekly change -12 [1] - Brazilian coarse SSFG: price 777, daily change 0, weekly change -12 [1] - Ukrainian concentrate powder: price 880, daily change -7, weekly change 2 [1] - 61% Indian powder: price 735, daily change 0, weekly change 11 [1] - Karara concentrate powder: price 882, daily change -7, weekly change 2 [1] - Roy Hill powder: price 782, daily change 0, weekly change 11, converted to the disk 860.7, import profit 23.04 [1] - KUMBA powder: price 854, daily change 0, weekly change 11, converted to the disk 845.6 [1] - 57% Indian powder: price 613, daily change 0, weekly change 1 [1] - Atlas powder: price 723, daily change 0, weekly change -5 [1] - Tangshan iron concentrate powder: price 1020, daily change 0, weekly change 12, converted to the disk 907.0 [1] Futures Market - i2601 contract: latest price 791.5, daily change -0.5, weekly change 17.5, monthly spread -61.5 [1] - i2605 contract: latest price 755.0, daily change -2.5, weekly change 7.5, monthly spread 36.5 [1] - i2609 contract: latest price 730.0, daily change -4.0, weekly change 5.5, monthly spread 25.0 [1] - FE01 contract: latest price 101.27, daily change 0.08, weekly change 2.87, monthly spread -4.67 [1] - FE05 contract: latest price 98.73, daily change 0.00, weekly change 2.63, monthly spread 2.54 [1] - FE09 contract: latest price 96.60, daily change 0.00, weekly change 2.60, monthly spread 2.13 [1]

地区 品种 最新 日变化 周变化 折盘面 最新 日变化 周变化 进口利润 105.30 1.70 2.30 纽曼粉 792 2 20 847.7 100.70 0.30 2.10 -8.43 PB粉 795 2 20 843.7 105.65 0.35 2.55 -7.18 麦克粉 786 2 18 858.5 99.75 0.05 2.35 16.78 金布巴 746 2 20 838.8 94.55 -0.15 2.20 9.76 主流 混合粉 728 1 3 857.0 96.35 0.20 2.70 -17.19 超特粉 678 -2 8 892.6 92.20 0.25 3.00 -25.88 卡粉 892 0 16 837.2 116.20 0.30 1.50 3.38 巴西 巴混 832 2 18 848.2 108.30 0.25 2.70 6.62 主流 巴粗IOC6 772 2 -3 846.9 巴粗SSFG 777 2 -3 乌克兰精粉 887 2 16 973.5 61%印粉 735 2 20 卡拉拉精粉 889 2 16 910.6 罗伊山粉 782 2 20 860.7 99.45 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs 3.1 Spot Market - Australian mainstream iron ore prices generally increased, with Newman powder at 790 (up 10 daily and 18 weekly), PB powder at 793 (up 10 daily and 18 weekly), etc [1] - Brazilian mainstream iron ore prices also had mixed trends, with Baha at 830 (up 10 daily and 14 weekly), while Baha coarse IOC6 was at 770 (down 13 daily and 7 weekly) [1] - Other varieties like Ukrainian concentrate powder, 61% Indian powder, etc also had price changes [1] 3.2 Exchange Contracts - For DCE contracts, i2601 was at 788.5 (up 16.0 daily and 23.5 weekly), i2605 at 756.5 (up 13.0 daily and 14.5 weekly), i2609 at 732.0 (up 10.5 daily and 10.0 weekly) [1] - For SGX contracts, FE01 was at 99.51 (down 0.20 daily and up 1.31 weekly), FE05 at 97.15 (down 0.25 daily and up 1.06 weekly), FE09 at 95.09 (down 0.23 daily and up 0.97 weekly) [1] 3.3 Premiums - Information on U - ball/pellet premium, PB block/block ore premium was presented, but specific data was not fully summarized here [1] 3.4 Basis and Spread - The monthly spread and other relevant data for each contract were given, such as the monthly spread of i2601 was - 56.5 (up 48.1 daily and down 5.2 weekly) [1]

Report Summary 1. Report Industry Investment Rating No information is provided in the document regarding the report industry investment rating. 2. Core View No clear core view is presented in the given content. 3. Summary Based on Related Information Futures Prices - DCE01 price is 788.5 today, up 16.0 from yesterday; DCE05 is 756.5, up 13.0; DCE09 is 732.0, up 10.5 [2]. - I01 - I05 spread is 32.0 today, up 3.0 from yesterday; I05 - I09 is 24.5, up 2.5; I09 - I01 is -56.5, down 5.5 [2]. Spot Prices and Related Data - Various iron ore spot prices are provided, such as PB powder (60.8%) at 778 (unchanged from yesterday), Newman powder at 779 (unchanged), etc [2]. - The optimal delivery product is Carajás fines with a price of 840, and its 01 - 09 contract basis is 59, 88, 110 respectively [2]. - Spot variety spreads and import profits are also presented, e.g., Carajás fines - PB powder spread is 100 (unchanged), and the import profit of Carajás fines is 17 (unchanged) [2]. Indexes - The Platts 62% iron ore price is 103.6 (unchanged), 65% is 115.6 (unchanged), and 58% is 92.4 (down 0.2) [2]. - The SGX - DCE spreads are as follows: SGX main - DCE01 is 3.7, down 0.2; SGX main - DCE05 is 7.4, up 0.0; SGX main - DCE09 is 10.2, up 0.0 [2].